Ethereum’s rough patch is expected to continue into the future, exacerbated by Bitcoin and Solana functionalities. Ordinals co-founder Casey Rodarmor noted that Bitcoin’s prestige and Solana’s speed could be the final nail in Ethereum’s coffin.
Bitcoin and Solana Threaten Ethereum’s Rise
While Ethereum’s recent decline has left investors in shock, the Ordinals co-founder Casey Rodarmor has proffered a theory for the asset. In a post on X (formerly Twitter), Rodarmor disclosed that the duo of Bitcoin and Solana negatively affects Ethereum.
Rodarmor says Bitcoin’s age and first-mover advantage gives it a keen advantage over Ethereum’s claim as “better money.” Conversely, Rodarmor says Solana is living up to its reputation as an ETH killer, improving on a range of metrics.
“Ethereum is getting squeezed by Bitcoin and Solana,” said Rodarmor. “Ethereum has nowhere to go.”
Rodarmor hinged Solana’s speed and scalability to its “centralization,” sparking a reaction from Solana cofounder Anatoly Yakovenko. Yakovenko downplayed Solana’s decentralization claims while pointing accusing fingers of centralization at Rodarmor.
Bitcoin has enjoyed a streak of positives including the executive signing of the Strategic Bitcoin Reserve while Solana is gearing up for a potential ETF approval.
ETH Continues To Falter In Troubling Fashion
Ethereum’s on-chain indicators are painting a sorry picture for the largest altcoin. After falling below $2,000, analysts say the possibility of ETH falling to $1,000 is highly likely.
After losing over 6% over the day, the asset is trading at $2,045, triggering a resistance by investors to buy ETH. However, whales continue to scoop ETH at a discount while institutional interests inch forward.
Sonic Labs co-founder Andre Cronje attempted to rationalize Ethereum’s underperformance, citing a boatload of Layer 2 projects dumping the assets. For Cronje, a below-par user experience contributes to waning interest in Ethereum with rising competition from newer blockchains. Cronje shut down speculation that he could buy ETH, noting that the project’s roadmap and lack of clear representation are major stumbling blocks.
“Hell, I don’t invest, but if I did, I would choose Solana, Tron, and XRP over ETH,” remarked Cronje.
The crypto market is going through a rough patch as traders react to tariff and Trump’s Bitcoin Reserve order. Bitcoin has dropped by 4.8% to $81,729, while Ethereum has taken an even bigger hit, falling 8% to hover around $2,000. Dogecoin is the biggest loser among the top 10 cryptos, sliding 13% to $0.16.
Despite the hype around Trump’s Executive Order to create a Strategic Bitcoin Reserve, the market hasn’t responded positively. QCP Analysts believe this is because no actual budget has been allocated yet for Bitcoin purchases, causing uncertainty among investors.
$334 Million Liquidation Shakes the Market
With the changing current scenario, the market downturn has triggered massive liquidations, with Bitcoin, Ethereum, and XRP leading the sell-off. In the last 24 hours, liquidations have surpassed $334 million, affecting over 109,704 traders. Those who bet on price increases have taken the biggest hit.
Crypto Market Sees $614.63M in Liquidations Amid Volatility In the past 24 hours, the crypto market experienced significant turbulence, with a total of $614.63M in liquidations, according to the latest Liquidation Heatmap data. pic.twitter.com/1ujSpwVgPb
Bitcoin saw $186.35 million in liquidations, with long traders losing $123.21 million. Ethereum followed with $40.84 million in total liquidations, while XRP recorded a smaller $7.3 million in losses.
Altcoins like Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Sui (SUI), and Litecoin (LTC) also faced significant sell-offs, adding to the market’s instability.
Bitcoin, Ethereum, and XRP Struggle
Bitcoin has dropped by 3% in the past 24 hours, now trading at $86,409. Despite a 1.9% increase in the last week, the overall sentiment remains weak, with trading volume down by 24.63%. Ethereum has struggled to hold key support levels, currently battling to stay above $2,000. Analyst Ali Martinez has warned that if ETH drops below $2,114, it could test $1,250 in the coming weeks.
XRP is also under pressure, down 7.31% in the last 24 hours to $2.36. The uncertainty surrounding the crypto reserve plan has only fueled further volatility.
Crypto Reserve Plan Faces Pushback
Trump’s proposal to include ADA, XRP, and SOL in the U.S. Strategic Reserve has faced resistance. Industry leaders, including Coinbase CEO Brian Armstrong and Real Vision’s Raoul Pal, believe Bitcoin should remain the primary reserve asset. Armstrong argued that Bitcoin is the clearest successor to gold, while Pal suggested a market-cap-weighted index instead of altcoin inclusion.
What’s brewing?
Meanwhile, the U.S. government’s latest crypto disclosures reveal that it holds no SOL, ADA, or XRP, contradicting previous speculation. Following Trump’s Executive Order to establish a Strategic Bitcoin Reserve, Crypto Czar David Sacks clarified that while a digital asset stockpile will be created, it will only include assets obtained through forfeiture, with no new acquisitions. Onchain data confirms the government’s possession of 198,000 BTC but provides no evidence of ADA, XRP, or SOL holdings.
Meanwhile, the government’s existing crypto reserves include 60,850 ETH ($122.96M), 122M USDT, and 40,293 BNB ($22.34M), among others. If liquidated, these assets could net around 5,004 BTC. Sacks hinted at reallocating some digital assets into Bitcoin for portfolio optimization, reinforcing the administration’s Bitcoin-focused strategy.
With skepticism growing, the crypto reserve plan may struggle to gain traction, adding to market turbulence.
The post Crypto Sell-Off : Crypto Liquidation Tops $334M as Bitcoin and Ethereum Prices Crash appeared first on Coinpedia Fintech News
The crypto market is going through a rough patch as traders react to tariff and Trump’s Bitcoin Reserve order. Bitcoin has dropped by 4.8% to $81,729, while Ethereum has taken an even bigger hit, falling 8% to hover around $2,000. Dogecoin is the biggest loser among the top 10 cryptos, sliding 13% to $0.16. Despite …
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Solana Continues To Stall, Will The Crypto Summit Catalyze A Breakout?
Between Trump’s executive order establishing the creation of a US Strategic Crypto Reserve and the White House Crypto Summit, bullish news is piling up. However, Solana (SOL) continues to stall, as it’s currently selling for $135, with little to no movement in terms of daily price action. Solana is also trading in the red on the monthly timeframe, posting a steep 31% correction as its price saw a sharp rejection at the $180 resistance.
Source: CoinMarketCap
Despite the slump, analyst Pat is bullish, expecting a major Solana reversal. He draws attention to the formation of a bullish cup-and-handle pattern on the Solana chart. He asserts that Solana might retest the $120 support before reversing the trend and breaking out to new heights, with a final target that sees SOL surging above $400 at the height of the bull run.
Pepe Sees Minor Rebound
After a memorable 2024 performance, Pepe is now treading water, as its price structure broke down, leading to a steep decline. At the time of writing, Pepe (PEPE) sells for $0.000006 following a 7% intraday decrease, accompanied by a 43% drop in 24-hour trading volume.
Source: CoinMarketCap
Crypto analyst Mihir believes that the bottom could be in for Pepe, as it’s currently retesting a critical support level. From here, Pepe could attempt to flip the trend, with the next crucial milestone being the $0.000010 mark. This hypothesis is also reflected by Pepe’s 4-hour RSI, now sitting above 50 points, reflecting growing buying pressure.
Source: CryptoWaves
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The post Solana Price Struggles, Experts Pick The Best Crypto To Buy For A Rally Like Pepe Coin In 2024 appeared first on Coinpedia Fintech News
The best crypto to buy in 2025 could be an undervalued crypto gaming gem that is still flying under the radar. However, this could change soon, as its presale is quickly gaining viral status, raising over $10.8 million in record time. Rollblock (RBLK) has been making waves in the online gaming landscape with its innovative …
